# DRILLING CONFIRMS NEW LA MOROCHA DISCOVERY

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8

Original source: https://announcements.asx.com.au/asxpdf/20250728/pdf/06m672r498ggkv.pdf

Publisher: research

Original announcement: Unknown date

Analysis by Minestarters Atlas

Atlas analysis published: 2026-11-04T10:31:31.314Z

Atlas analysis updated: 2026-11-04T10:31:31.314Z

- Company: Unico Silver Limited

- Ticker: USL

- Exchange: ASX

- Region: Santa Cruz, Argentina

- Primary commodity: Silver

- Secondary commodities: Gold, Lead, Zinc

- Document categories: Drill results, Resource update, Other

- Extracted: 2026-11-04 10:31:31 UTC

Narrative sentiment: 0.74 · Bullish

## Minestarters Atlas summary

Unico Silver reported a new discovery at La Morocha SE within the Joaquin Project in Santa Cruz, Argentina, highlighted by hole JDD028-25 intersecting 69m at 163g/t AgEq from 124m, including 8.5m at 656g/t AgEq. The company says mineralisation remains open to the south and at depth, and notes that the result extends beyond a historical hole with lower-grade intercepts. The release also includes a JORC-compliant resource table for Cerro Leon and restates the historical Joaquin foreign estimate, but the main event is the new drill discovery.

Reasoning: This is a strong exploration result announcing a new mineralised zone at La Morocha SE, with a standout step-out intercept and supporting historical comparison. The news is material because it extends mineralisation and supports further resource growth, but confidence is tempered slightly by the use of downhole widths and by pending assays elsewhere in the program.

- Positive factor: New discovery of a mineralised zone southeast of La Morocha

- Positive factor: 69m at 163gpt AgEq with 8.5m at 656gpt AgEq

- Positive factor: Step-out drilling extended mineralisation beyond the known La Morocha area

- Positive factor: Drill program includes strong QA/QC disclosure and certified laboratory details

- Negative factor: Interpreted widths are downhole intercepts; true width not explicitly stated for the new assays

- Negative factor: AgEq depends on disclosed assumptions, though this release does disclose them

- Negative factor: Two of three holes had assays received; results for 27 additional holes are still pending

- Rubric flag: resource\_update completeness — The announcement includes a large historical Cerro Leon resource table; if a cleaner downstream resource-only extract is needed, separate the new drill event from the historical resource background.

Facts used in scoring: 28

## Classification and evidence

**Step-Out Extension**

Polarity: positive

Definition: Mineralization extended beyond the previously known limit.

Why it applies: The release says the drillhole is a step-out and that it discovered a new mineralised zone southeast of La Morocha.

Evidence · text

> Step-out hole intersects 69m at 163gpt AgEq

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: The announcement provides lab, standards, blanks, duplicates and internal check details in the JORC section.

Evidence · text

> QAQC samples are inserted at the following frequency of primary samples:

**True Width Disclosed**

Polarity: positive

Definition: Actual thickness perpendicular to structure is stated, not just downhole length.

Why it applies: The JORC section says qualification of true widths is provided, and the geometry is described with strike length, vertical extent and thickness.

Evidence · text

> Qualification of true widths are provided in the drill hole discussion.

**Compositing Transparent**

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Why it applies: The release states the cut-off grade and internal dilution used to calculate mineralised intercepts.

Evidence · text

> Mineralised drill hole intercepts are calculated using greater than 40gpt AgEq with no more than 3m of internal dilution.

**Free Milling**

Polarity: positive

Story-specific tag

Definition: Simple, clean ore amenable to standard processing without oxidation.

Why it applies: The company explicitly describes the target as free-milling silver resources.

Evidence · text

> pit-constrained, free-milling silver resources

**Metal Equivalent Opaque**

Polarity: negative

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent.

Why it applies: AgEq assumptions are disclosed, so this is not opaque; the tag is not applied.

Evidence · text

> AgEq = Ag \(g/t\) + 79.18 x Au \(g/t\)

**Nearology Play**

Polarity: neutral

Definition: Value premise rests on proximity to a known deposit rather than own results.

Why it applies: The release leans on proximity and continuity with the existing La Morocha deposit and broader Joaquin system.

Evidence · text

> southeast of the La Morocha deposit

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Cerro Leon resource table is stated to conform to the JORC Code 2012 Edition.

Evidence · text

> The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) 2012 Edition.

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The Cerro Leon resource table includes an Inferred category.

Evidence · text

> Inferred 9.65 172 53.5

**Historical Estimate Only**

Polarity: negative

Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.

Why it applies: The Joaquin estimate is explicitly a foreign estimate as of February 2013 and is not JORC-compliant.

Evidence · text

> Table 4: Joaquin Project – Historical Foreign Estimate as of February 2013

## Extracted facts

Stored fact records: 28. Some facts used in scoring do not have a stored record.

## Drill Results (5)

### JDD025-25

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-drill-facts-0)

Joaquin North · silver

#### Identity

- Hole ID: JDD025-25
- Project: Joaquin North
- Commodity: silver
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Grade: 98
- Grade Unit: g/t
- Intercept: 36 m
- From: 66 m
- To: 102 m
- Intercept Depth: 66 m

#### Classification

- Deposit Type: epithermal
- Program: exploration
- Sample Type: drill
- Group ID: JDD025-25:66-102
- Mining Method: underground

#### Location

- Location: La Morocha SE
- Easting: 457818
- Northing: 4677002
- CRS: UTM19s
- Elevation: 948 m
- Azimuth: 218 °
- Dip: -60 °
- Loc. Source: document

#### QA/QC

- Laboratory: Alex Stewart
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Metal Eq. Grade: 104
- Metal Eq. Unit: gpt AgEq
- Assumptions Disclosed: Yes

#### Compositing

- Cutoff Grade: 40
- Cutoff Unit: gpt AgEq
- Dilution Disclosed: Yes
- Max Dilution: 3 m

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

Reasoning: This is supportive rather than headline-grabbing, but it still confirms mineralisation in the new discovery zone and adds continuity to the interpretation.

- Positive factor: 36m intercept at 104gpt AgEq reported from another drill hole in the same new zone

- Positive factor: Confirms mineralised width outside the headline hole

- Positive factor: Assay and QA/QC disclosure are present

- Positive factor: Supports the strike continuity of La Morocha SE

- Negative factor: Lower grade than the headline hole

- Negative factor: Downhole width only; true thickness not stated

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Compositing Transparent**

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Why it applies: cutoff\_grade and internal dilution are both stated

### JDD025-25

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-drill-facts-1)

Joaquin North · gold

#### Identity

- Hole ID: JDD025-25
- Project: Joaquin North
- Commodity: gold
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Grade: 0.1
- Grade Unit: g/t
- Intercept: 36 m
- From: 66 m
- To: 102 m
- Intercept Depth: 66 m

#### Classification

- Deposit Type: epithermal
- Program: exploration
- Sample Type: drill
- Group ID: JDD025-25:66-102
- Mining Method: underground

#### Location

- Location: La Morocha SE
- Easting: 457818
- Northing: 4677002
- CRS: UTM19s
- Elevation: 948 m
- Azimuth: 218 °
- Dip: -60 °
- Loc. Source: document

#### QA/QC

- Laboratory: Alex Stewart
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Metal Eq. Grade: 104
- Metal Eq. Unit: gpt AgEq
- Assumptions Disclosed: Yes

#### Compositing

- Cutoff Grade: 40
- Cutoff Unit: gpt AgEq
- Dilution Disclosed: Yes
- Max Dilution: 3 m

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

Reasoning: Gold is present but relatively low grade in this supportive intercept. The value of the result is mainly in confirming the new zone rather than in standalone gold tenor.

- Positive factor: 36m interval adds another data point in the new discovery area

- Positive factor: Demonstrates mineralisation continuity in the same structural corridor

- Positive factor: QA/QC and equivalent-grade assumptions are disclosed

- Negative factor: Gold grade is modest compared with the headline hole

- Negative factor: Downhole width only

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Compositing Transparent**

Polarity: positive

Definition: Cut-off grade and internal dilution rules are clearly stated for reported intervals.

Why it applies: cutoff\_grade and internal dilution are both stated

### RD0032

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-drill-facts-2)

Joaquin North · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: RD0032
- Project: Joaquin North
- Commodity: silver
- Region: argentina
- Reported Region: argentina
- Ticker: USL

#### Geometry

- Grade: 226
- Grade Unit: g/t
- Intercept: 8 m

#### Classification

- Deposit Type: epithermal
- Program: exploration
- Sample Type: drill
- Group ID: RD0032:unknown
- Mining Method: underground

#### Location

- Location: La Morocha
- Loc. Source: document

#### QA/QC

- QA/QC Disclosed: Yes

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

Reasoning: This higher-grade historical interval is relevant to the comparison but is not new data. It underpins the company's argument that mineralisation improves at depth.

- Positive factor: Historical high-grade silver interval supports the narrative of improving grade at depth

- Positive factor: Explicitly cited in the announcement as comparison to the new hole

- Negative factor: Historical result only; no new assay work in this document

- Negative factor: Depth context is implied rather than fully tabulated

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

### JDD028-25

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-drill-facts-26)

Joaquin North · gold

#### Identity

- Hole ID: JDD028-25
- Project: Joaquin North
- Commodity: gold
- Region: argentina
- Reported Region: argentina

#### Geometry

- Grade: 0.9
- Grade Unit: g/t
- Intercept: 69 m
- From: 124 m
- To: 193 m
- Intercept Depth: 124 m

#### Classification

- Deposit Type: epithermal
- Sample Type: drill
- Group ID: JDD028-25:124-193
- Mining Method: underground

#### Location

- CRS: UTM19s

#### QA/QC

- Laboratory: Alex Stewart
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Metal Eq. Grade: 163
- Metal Eq. Unit: g/t Eq
- Assumptions Disclosed: Yes

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

Reasoning: Expanded from assay table. 0.9 g/t gold is moderate against the underground mining band \[15, 7, 4, 2.5\] g/t. Grade×width 62.1 g/t·m is moderate \(grade alone is below; the better of the two is used\).

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 0.9

Context: Table 1: Significant drill hole assay results · JDD028-25 · Columns: Prospect \| Hole ID \| From \| To \| Interval \| Au \(gpt\) \| Ag \(gpt\) \| AgEq \| AgEq GT

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### JDD028-25

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-drill-facts-27)

Joaquin North · silver

#### Identity

- Hole ID: JDD028-25
- Project: Joaquin North
- Commodity: silver
- Region: argentina
- Reported Region: argentina

#### Geometry

- Grade: 94
- Grade Unit: g/t
- Intercept: 69 m
- From: 124 m
- To: 193 m
- Intercept Depth: 124 m

#### Classification

- Deposit Type: epithermal
- Sample Type: drill
- Group ID: JDD028-25:124-193
- Mining Method: underground

#### Location

- CRS: UTM19s

#### QA/QC

- Laboratory: Alex Stewart
- QA/QC Disclosed: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Metal Equivalent

- Metal Eq. Grade: 163
- Metal Eq. Unit: g/t Eq
- Assumptions Disclosed: Yes

#### Compositing

- Dilution Disclosed: Yes

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

Reasoning: Expanded from assay table. 94 g/t silver is strong against the default band \[500, 200, 100, 30\] g/t. Grade×width 6486.0 g/t·m is strong \(grade alone is weak; the better of the two is used\).

- Positive factor: 94 g/t silver is strong on the default band.

- Negative factor: Scored from rubric bands during table expansion, not from document context.

Evidence · table

> 94

Context: Table 1: Significant drill hole assay results · JDD028-25 · Columns: Prospect \| Hole ID \| From \| To \| Interval \| Au \(gpt\) \| Ag \(gpt\) \| AgEq \| AgEq GT

#### Tags used in scoring

**QA/QC Disclosed**

Polarity: positive

Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\).

Why it applies: qaqc\_disclosed is true

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## Resource Estimates (23)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-3)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Contained Metal: 18.8
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: The resource table itself reports an AgEq row, so the equivalent grade is extracted for auditability.

- Positive factor: AgEq formula and assumptions are explicitly stated elsewhere in the announcement

- Positive factor: JORC-compliant resource context

- Negative factor: Historical restatement

- Negative factor: Equivalent grade may overstate simplicity despite disclosed assumptions

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-4)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 71
- Grade Unit: g/t
- Contained Metal: 22.1
- Contained Unit: moz

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is the inferred silver value from the Cerro Leon resource table, included because the announcement reproduces the table.

- Positive factor: Inferred silver resource is explicitly stated

- Positive factor: Part of the JORC resource disclosure

- Negative factor: Historical background table in a drill announcement

- Negative factor: No cut-off grade shown in the extract

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-5)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:3d05fa3bebfe1828d88c

#### Resource Data

- Category: indicated
- Tonnes: 6470000
- Grade: 86
- Grade Unit: g/t
- Contained Metal: 18.8
- Contained Unit: moz

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is a commodity row from the Cerro Leon resource table. It is useful background but not a new estimate in this announcement.

- Positive factor: Table provides silver grade alongside contained silver and byproduct metals

- Positive factor: JORC compliance is stated

- Negative factor: Contained gold and base-metal credits are omitted from this fact because they belong to separate commodity rows

- Negative factor: Historical restatement

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-6)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.49
- Grade Unit: g/t
- Contained Metal: 107
- Contained Unit: koz

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Gold is one of the grade columns in the Cerro Leon resource table and is therefore extracted as a separate fact.

- Positive factor: Gold grade is explicitly reported alongside the silver resource

- Positive factor: Qualified Person / JORC context is disclosed

- Negative factor: Restated historical table rather than a new gold resource update

- Negative factor: The table is background information in a drill release

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-7)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.28
- Grade Unit: %
- Contained Metal: 41.9
- Contained Unit: mlb

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Lead is a separate reported grade column and is extracted as its own resource fact.

- Positive factor: Lead grade is disclosed in the resource table

- Positive factor: Base-metal credits are part of the portfolio context

- Negative factor: Historical restatement

- Negative factor: Lead is a byproduct credit in this context

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-8)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:4164d3b89ff652e481db

#### Resource Data

- Category: indicated
- Tonnes: 6820000
- Grade: 0.93
- Grade Unit: %
- Contained Metal: 140
- Contained Unit: mlb

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Zinc is a disclosed grade column in the Cerro Leon resource table and must be extracted separately.

- Positive factor: Zinc grade and contained zinc are explicitly stated

- Positive factor: JORC resource disclosure gives portfolio context

- Negative factor: Historical restatement

- Negative factor: Byproduct credit rather than headline commodity

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-9)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: g/t
- Contained Metal: 237
- Contained Unit: koz

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is the inferred gold component of the Cerro Leon resource table and is extracted separately from the silver row.

- Positive factor: Gold grade is available for the inferred category

- Positive factor: Useful for understanding the silver-gold system

- Negative factor: Historical resource restatement

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-10)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: %
- Contained Metal: 53.7
- Contained Unit: mlb

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Lead is a separate grade column and therefore its own extracted fact.

- Positive factor: Lead grade is reported in the inferred category

- Negative factor: Historical table only

- Negative factor: Base-metal credit in a resource background table

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-11)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:23260062cc9e4e659245

#### Resource Data

- Category: inferred
- Tonnes: 9650000
- Grade: 0.77
- Grade Unit: %
- Contained Metal: 163
- Contained Unit: mlb

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: Zinc is a separate disclosed grade in the inferred Cerro Leon row.

- Positive factor: Zinc resource metrics are clearly disclosed

- Negative factor: Historical restatement

- Negative factor: No new estimate in this release

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-12)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:7936b56d218a1cf6f634

#### Resource Data

- Category: indicated
- Grade: 86
- Grade Unit: g/t
- Contained Metal: 18.8
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: JORC-compliant resource table is provided

- Positive factor: Measured and Indicated style resource disclosure supports project scale

- Positive factor: Qualified Competent Person disclosure is present

- Negative factor: This is a restated historical resource table rather than a new estimate

- Negative factor: Cut-off grade is not disclosed in the table excerpt

- Negative factor: The table includes metal-equivalent assumptions, but the release says the figures are not materially changed

Evidence · table

> 86

Context: 6.82

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-13)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:7936b56d218a1cf6f634

#### Resource Data

- Category: indicated
- Grade: 0.49
- Grade Unit: g/t
- Contained Metal: 107
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: JORC-compliant resource table is provided

- Positive factor: Measured and Indicated style resource disclosure supports project scale

- Positive factor: Qualified Competent Person disclosure is present

- Negative factor: This is a restated historical resource table rather than a new estimate

- Negative factor: Cut-off grade is not disclosed in the table excerpt

- Negative factor: The table includes metal-equivalent assumptions, but the release says the figures are not materially changed

Evidence · table

> 0.49

Context: 6.82

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-14)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:7936b56d218a1cf6f634

#### Resource Data

- Category: indicated
- Grade: 0.28
- Grade Unit: %
- Contained Metal: 41.9
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: JORC-compliant resource table is provided

- Positive factor: Measured and Indicated style resource disclosure supports project scale

- Positive factor: Qualified Competent Person disclosure is present

- Negative factor: This is a restated historical resource table rather than a new estimate

- Negative factor: Cut-off grade is not disclosed in the table excerpt

- Negative factor: The table includes metal-equivalent assumptions, but the release says the figures are not materially changed

Evidence · table

> 0.28

Context: 6.82

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-15)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:7936b56d218a1cf6f634

#### Resource Data

- Category: indicated
- Grade: 0.93
- Grade Unit: %
- Contained Metal: 140
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is a historical resource restatement for Cerro Leon, not a new estimate. It is materially relevant background, but novelty is low because the release says no new information materially affects it. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: JORC-compliant resource table is provided

- Positive factor: Measured and Indicated style resource disclosure supports project scale

- Positive factor: Qualified Competent Person disclosure is present

- Negative factor: This is a restated historical resource table rather than a new estimate

- Negative factor: Cut-off grade is not disclosed in the table excerpt

- Negative factor: The table includes metal-equivalent assumptions, but the release says the figures are not materially changed

Evidence · table

> 0.93

Context: 6.82

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-16)

Cerro Leon · silver

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: silver
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:f417cebd1dca06181896

#### Resource Data

- Category: inferred
- Grade: 77
- Grade Unit: g/t
- Contained Metal: 40.9
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource table clearly states the Inferred component

- Positive factor: JORC and Competent Person disclosure are present

- Positive factor: Useful for scale context on the broader portfolio

- Negative factor: Historical restatement rather than a new resource update

- Negative factor: Cut-off grade not disclosed in the extract

- Negative factor: No evidence in this document of a changed estimate

Evidence · table

> 77

Context: 16.47

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-17)

Cerro Leon · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: gold
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:f417cebd1dca06181896

#### Resource Data

- Category: inferred
- Grade: 0.65
- Grade Unit: g/t
- Contained Metal: 344
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource table clearly states the Inferred component

- Positive factor: JORC and Competent Person disclosure are present

- Positive factor: Useful for scale context on the broader portfolio

- Negative factor: Historical restatement rather than a new resource update

- Negative factor: Cut-off grade not disclosed in the extract

- Negative factor: No evidence in this document of a changed estimate

Evidence · table

> 0.65

Context: 16.47

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-18)

Cerro Leon · lead

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: lead
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:f417cebd1dca06181896

#### Resource Data

- Category: inferred
- Grade: 0.57
- Grade Unit: %
- Contained Metal: 95.6
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource table clearly states the Inferred component

- Positive factor: JORC and Competent Person disclosure are present

- Positive factor: Useful for scale context on the broader portfolio

- Negative factor: Historical restatement rather than a new resource update

- Negative factor: Cut-off grade not disclosed in the extract

- Negative factor: No evidence in this document of a changed estimate

Evidence · table

> 0.57

Context: 16.47

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-19)

Cerro Leon · zinc

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Cerro Leon
- Commodity: zinc
- Region: argentina
- Reported Region: Santa Cruz, Argentina
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Ian Taylor
- Resource group id: resource:f417cebd1dca06181896

#### Resource Data

- Category: inferred
- Grade: 0.84
- Grade Unit: %
- Contained Metal: 304
- Contained Unit: mlb

#### Metal Equivalent

- Metal Eq. Grade: 172
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2023-05-18T00:00:00.000Z

Reasoning: This is the inferred portion of the Cerro Leon resource table, restated as background. It is not the central event of the release. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Resource table clearly states the Inferred component

- Positive factor: JORC and Competent Person disclosure are present

- Positive factor: Useful for scale context on the broader portfolio

- Negative factor: Historical restatement rather than a new resource update

- Negative factor: Cut-off grade not disclosed in the extract

- Negative factor: No evidence in this document of a changed estimate

Evidence · table

> 0.84

Context: 16.47

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: qp\_signed is true

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: effective date is 3.5 years before this release

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-20)

Joaquin · silver

#### Identity

- Project: Joaquin
- Commodity: silver
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Resource group id: resource:42fc0fac12ae2f5d9433

#### Resource Data

- Category: indicated
- Tonnes: 15700000
- Grade: 128
- Grade Unit: g/t
- Contained Metal: 65.2
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 138
- Metal Eq. Unit: g/t AgEq

#### Review

- Needs Review: No
- Historical: No

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 128

Context: 15.7

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-21)

Joaquin · gold

#### Identity

- Project: Joaquin
- Commodity: gold
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Resource group id: resource:42fc0fac12ae2f5d9433

#### Resource Data

- Category: indicated
- Tonnes: 15700000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 61.1
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 138
- Metal Eq. Unit: g/t AgEq

#### Review

- Needs Review: No
- Historical: No

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.12

Context: 15.7

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-22)

Joaquin · silver

#### Identity

- Project: Joaquin
- Commodity: silver
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Resource group id: resource:6406649e52dbaf4fbf61

#### Resource Data

- Category: inferred
- Tonnes: 1000000
- Grade: 100
- Grade Unit: g/t
- Contained Metal: 3.1
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 110
- Metal Eq. Unit: g/t AgEq

#### Review

- Needs Review: No
- Historical: No

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 100

Context: 1

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-23)

Joaquin · gold

#### Identity

- Project: Joaquin
- Commodity: gold
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Resource group id: resource:6406649e52dbaf4fbf61

#### Resource Data

- Category: inferred
- Tonnes: 1000000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 3.7
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 110
- Metal Eq. Unit: g/t AgEq

#### Review

- Needs Review: No
- Historical: No

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.12

Context: 1

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-24)

Joaquin · silver

#### Identity

- Project: Joaquin
- Commodity: silver
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Resource group id: resource:33f8cf131d0cce250eae

#### Resource Data

- Category: inferred
- Tonnes: 16700000
- Grade: 126
- Grade Unit: g/t
- Contained Metal: 68.3
- Contained Unit: moz

#### Metal Equivalent

- Metal Eq. Grade: 136
- Metal Eq. Unit: g/t AgEq

#### Review

- Needs Review: No
- Historical: No

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 126

Context: 16.7

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/drilling-confirms-new-la-morocha-discovery--624fed67-db2f-41a3-a04a-9e757ee2e1d8#fact-resource-facts-25)

Joaquin · gold

#### Identity

- Project: Joaquin
- Commodity: gold
- Ticker: USL

#### Resource scope

- Estimate type: resource
- Resource group id: resource:33f8cf131d0cce250eae

#### Resource Data

- Category: inferred
- Tonnes: 16700000
- Grade: 0.12
- Grade Unit: g/t
- Contained Metal: 64.2
- Contained Unit: koz

#### Metal Equivalent

- Metal Eq. Grade: 136
- Metal Eq. Unit: g/t AgEq

#### Review

- Needs Review: No
- Historical: No

Reasoning: Expanded from multi-commodity resource table for completeness.

- Negative factor: Fact expanded from resource table columns \(model omitted this commodity\).

Evidence · table

> 0.12

Context: 16.7

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.